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Mexico, here represented by Cancun, saw increased hotel occupancy and revenues per room last year. (Photo: Cancun Convention & Visitors Bureau)
Monday, January 28, 2013
Special Reports

Hotel RevPAR Grows in Latin America


But Panama sees declines in occupancy and RevPAR.

BY LATINVEX STAFF

The hospitality sector had an overall good year in Latin America and the Caribbean in 2012, with Panama as the most notable exception, according to STR Global.

Revenue per available room (RevPAR) in the Caribbean increased by 11.4 percent to $90.43. That was the second-best increase worldwide after Southeast Asia and on par with growth in Northern Africa.

RevPAR in South America grew by 6.8 percent to $71.76, while it grew in Central America by 2.5 percent to $50.82.

RevPAR in Mexico, Latin America’s largest tourism market, grew 9.9 percent to 801.19 Mexican pesos (US$61.80), while it grew by 9.3 percent in Brazil to 177.69 reais (US$86.71).

Santiago saw the highest RevPAR growth in Latin America: 12.7 percent to US$127.37.

Argentine RevPAR grew 3.8 percent, while Peruvian RevPAR increased 2.4 percent.

In Panama, RevPAR fell 24.4 percent to $57.51. That was the largest decline in Latin America.

Also Colombia saw a decline – of 4.4 percent.

OCCUPANCY RATES

Occupancy rates grew in the Caribbean but declined in both Central and South America.  The Caribbean saw occupancy rates increase 7.3 percent to 66.5 percent last year. That was the highest growth worldwide outside of Northern Africa.

Rates fell 2.5 percent in South America to 65 percent, while they declined 5.0 percent in Central America to 57.4 percent.

Mexico’s occupancy rates increased 3.3 percent to 58.4 percent, but declined in Brazil by 3.9 percent to 66.2 percent. Panama’s rate fell 15.9 percent to 48.5 percent. That was the largest decline in Latin America, according to STR Global.

 

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